Gross margins have experienced severe volatility, collapsing from a peak of 36.3% in 2024Q1 to a marginal 5.0% by 2026Q1, reflecting an inability to maintain profitability against rising energy and network costs.
Vulcan Infrastructure and Power Inc. Class A (VIP) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 50.89M | 58.78M | 59.53M | 70.39M | 89.98M | 97.33M | 20.11M | 4.44M | 69.55M | 60.12M | 61.66M | - |
| Revenue Growth % | -14.1% | -1.27% | -15.42% | -21.77% | -7.55% | 383.87% | 353.12% | -93.62% | 15.68% | -2.5% | - | - |
| Cost of Goods Sold | 51.98M | 49.77M | 12.08M | 51.01M | 61.55M | 28.39M | 12.6M | 4.9M | 57.6M | 47.4M | 51.76M | - |
| COGS % of Revenue | - | 84.67% | 20.29% | 72.46% | 68.41% | 29.17% | 62.64% | 110.39% | 82.83% | 78.85% | 83.94% | - |
| Gross Profit | -1.09M | 9.01M | 47.45M | 19.38M | 28.43M | 68.94M | 7.51M | -461K | 11.95M | 12.72M | 9.9M | 14.29M |
| Gross Margin % | -2.13% | 15.33% | 79.71% | 27.54% | 31.59% | 70.83% | 37.36% | -10.39% | 17.17% | 21.15% | 16.06% | 18.48% |
| Gross Profit Growth % | - | -81.01% | 144.82% | -31.81% | -58.76% | 817.42% | 1729.93% | -103.86% | -6.07% | 28.44% | - | - |
| Operating Expenses | 20.3M | 24.66M | 58.9M | 36.27M | 261.59M | 36.01M | 10.14M | 7.51M | 12.01M | 14.15M | 25.21M | 28.51M |
| OpEx % of Revenue | - | 41.95% | 98.94% | 51.54% | 290.72% | 37% | 50.44% | 169.23% | 17.27% | 23.54% | 40.88% | 36.87% |
| Selling, General & Admin | 14.45M | 12.5M | 17.29M | 26.17M | 36.95M | 27.16M | 5.58M | 5.83M | 9.23M | 11.12M | 19.63M | 21.56M |
| SG&A % of Revenue | - | 21.26% | 29.05% | 37.18% | 41.06% | 27.9% | 27.75% | 131.4% | 13.27% | 18.5% | 31.83% | 27.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 3.65M | 4.08M | 2.78M | 3.03M | 5.58M | - |
| R&D % of Revenue | - | - | - | - | - | - | 18.17% | 91.87% | 4% | 5.04% | 9.04% | - |
| Other Operating Expenses | 2M | 12.16M | 41.61M | 10.11M | 224.64M | 8.86M | 909K | -2.4M | 0 | 0 | 0 | - |
| Operating Income | -21.38M | -15.65M | -11.45M | -16.89M | -233.16M | 32.78M | -2.63M | -7.97M | -66K | -1.44M | -15.3M | -14.22M |
| Operating Margin % | -42.01% | -26.62% | -19.23% | -24% | -259.13% | 33.69% | -13.08% | -179.61% | -0.09% | -2.39% | -24.82% | -18.39% |
| Operating Income Growth % | - | -36.68% | 32.22% | 92.76% | -811.21% | 1346.07% | 67% | -11980.3% | 95.41% | 90.61% | - | - |
| EBITDA | -12.12M | -3.84M | 2.02M | -881K | -198.03M | 44.95M | 1.93M | -6.29M | 572K | -793K | -13.56M | -12.83M |
| EBITDA Margin % | -23.81% | -6.53% | 3.4% | -1.25% | -220.08% | 46.18% | 9.61% | -141.79% | 0.82% | -1.32% | -21.99% | -16.59% |
| EBITDA Growth % | -1929.82% | -289.81% | 329.51% | 99.56% | -540.59% | 2225.19% | 130.71% | -1200.35% | 172.13% | 94.15% | - | - |
| D&A (Non-Cash Add-back) | 9.26M | 11.81M | 13.47M | 16.01M | 35.14M | 12.16M | 4.56M | 1.68M | 638K | 644K | 1.75M | 1.39M |
| EBIT | 2.28M | 8.84M | -12.77M | -16.38M | -41.94M | 33.21M | -2.63M | -7.97M | -9.1M | -922K | -15.93M | -28.03M |
| Net Interest Income | -888K | -4.03M | -7.08M | -12.66M | -21.57M | -3.71M | -664K | -673K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 965K | 600K | 468K | 430K |
| Interest Expense | 888K | 4.03M | 7.08M | 12.66M | 21.57M | 3.71M | 664K | 673K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 21.43M | 20.45M | -8.4M | -12.15M | -21.58M | -3.28M | -659K | -502K | -9.04M | 515K | -628K | - |
| Pretax Income | 50K | 4.81M | -19.85M | -29.04M | -254.74M | 29.5M | -3.29M | -8.47M | -9.1M | -922K | -15.93M | -28.03M |
| Pretax Margin % | 0.1% | 8.18% | -33.35% | -41.26% | -283.11% | 30.31% | -16.36% | -190.92% | -13.09% | -1.53% | -25.84% | -36.25% |
| Income Tax | -437K | -479K | -69K | 0 | 15M | 7.9M | 0 | 0 | -1K | 604K | 307K | -965K |
| Effective Tax Rate % | -874% | -9.96% | 0.35% | 0% | -5.89% | 26.78% | 0% | 0% | 0.01% | -65.51% | -1.93% | 3.44% |
| Net Income | 487K | 5.29M | -19.79M | -29.51M | -269.74M | -44.48M | -3.29M | -8.47M | -9.1M | -1.53M | -15.96M | -27.04M |
| Net Margin % | 0.96% | 8.99% | -33.23% | -41.92% | -299.78% | -45.7% | -16.36% | -190.92% | -13.08% | -2.54% | -25.88% | -34.97% |
| Net Income Growth % | 102.44% | 126.72% | 32.95% | 89.06% | -506.43% | -1251.98% | 61.18% | 6.87% | -496.33% | 90.44% | - | - |
| Net Income (Continuing) | 487K | 5.29M | -19.79M | -29.04M | -269.74M | 21.6M | -3.29M | -8.47M | -9.1M | -1.53M | -16.24M | -27.07M |
| Discontinued Operations | 0 | 0 | 0 | -471K | 0 | -66.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.03 | 0.40 | -1.88 | -4.43 | -63.66 | -12.32 | -0.86 | -2.46 | -2.37 | -0.40 | -4.16 | -7.05 |
| EPS Growth % | 106.37% | 121.28% | 57.56% | 93.04% | -416.72% | -1332.56% | 65.04% | -3.8% | -492.5% | 90.38% | - | - |
| EPS (Basic) | - | 0.40 | -1.88 | -4.43 | -63.66 | -14.10 | -0.86 | -2.46 | -2.37 | -0.40 | -4.16 | -7.05 |
| Diluted Shares Outstanding | 17.14M | 13.06M | 10.5M | 6.66M | 4.24M | 3.66M | 3.33M | 3.84M | 3.84M | 3.84M | 3.84M | 3.84M |
| Basic Shares Outstanding | 17.14M | 13.06M | 10.5M | 6.66M | 4.24M | 3.2M | 3.33M | 3.84M | 3.84M | 3.84M | 3.84M | 3.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VIP stock.
For fiscal year 2025, Vulcan Infrastructure and Power Inc. Class A (VIP) reported total revenue of $58.8M. This represents a 23.6% decline compared to $76.9M in 2015.
Vulcan Infrastructure and Power Inc. Class A (VIP) is profitable, generating $5.3M in net income for the fiscal year ending 2025 with a net profit margin of 9.0%.
Vulcan Infrastructure and Power Inc. Class A (VIP) reported an operating income of $-15.6M, resulting in an operating profit margin of -26.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Vulcan Infrastructure and Power Inc. Class A (VIP) generated $9.0M in gross profit for the year, representing a gross profit margin of 15.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and operational insolvency
Metrics are mathematically derived from official filings.
Structural Margin Erosion and Volatility
As reported in financial statements, Greenidge's gross margin has experienced significant volatility, plummeting from a peak of 36.3% in 2024Q1 to a mere 5.0% by 2026Q1, reflecting the company's inability to maintain consistent profitability amidst fluctuating energy costs and increasing global network difficulty for Bitcoin mining.
The sharp contraction in gross margins suggests that the company's vertically integrated power model is failing to provide a sufficient cost buffer against external commodity price shocks. Investors should monitor whether this margin compression is a permanent feature of aging hardware or a temporary byproduct of regional natural gas pricing spikes.
Operating Leverage Remains Consistently Negative
Based on the provided income statement data, Greenidge has failed to achieve positive operating income in nine of the last ten quarters, with operating margins reaching a low of -59.5% in 2025Q4, indicating that fixed overhead costs significantly outweigh the revenue generated from mining and power sales.
The persistent inability to scale operating income suggests that the company's fixed-cost base, particularly regarding power plant maintenance and depreciation, is structurally misaligned with current revenue levels. This lack of operating leverage implies that even significant increases in Bitcoin production may not be sufficient to reach break-even without a fundamental reduction in SG&A or power procurement costs.
Non-Operating Items Mask Operational Weakness
According to recent financial filings, the company reported a net income of $3.0M in 2025Q4 despite an operating loss of $6.8M, highlighting a concerning reliance on non-operating items or accounting adjustments that obscure the underlying cash-generating capacity of the core mining and energy business.
The divergence between operating and net margins warrants further investigation into the nature of these non-operating gains, which may include debt restructuring or asset impairments. Relying on such items to achieve profitability suggests that the core business model is currently unable to sustain itself through operational cash flow alone.
Fixed Cost Burden Limits Flexibility
Analysis of the income statement reveals that SG&A expenses have remained relatively sticky, ranging between $2.2M and $5.4M per quarter, which, when combined with high depreciation, creates a rigid cost structure that leaves little room for maneuver during periods of depressed cryptocurrency prices or high energy costs.
The company's cost structure appears heavily weighted toward fixed obligations that do not scale down in proportion to revenue declines. This lack of expense discipline may force management to rely on dilutive financing or debt to cover operational shortfalls, further pressuring shareholder value in the long term.
Sustainability of the Mining Model
While the company touts its behind-the-meter integration, the data suggests a precarious financial position where the cost of maintaining aging infrastructure and navigating regulatory hurdles in New York may outweigh the benefits of direct power ownership, potentially leading to a terminal decline in operational viability.
Short-sellers would likely focus on the consistent operating losses and the potential for regulatory permit denials to permanently impair the company's primary revenue-generating asset. The market may be overestimating the value of the power plant while underestimating the cash burn required to keep the mining operations competitive against more efficient, modern peers.